Angola To Cut Production

Angola will probably cut output in January to help the OPEC prop up oil prices, according to the nation's oil minister. However, he did not offer any figures. "Our intention is to show solidarity with OPEC," stated Jose Maria Botelho de Vasconcelos.

"We will cut something from our production, but we will need to talk to all of our partners" before making a formal decision. Angola, whose oil production has quadrupled to about 750,000 barrels a day since independence from Portugal in 1975, may have trouble balancing its budget if oil prices fall below $17, the minister said. If non-OPEC producers join the group to cut 1.5 million barrels a day, prices may stabilize at $20 to $21 a barrel, he said.